Following the lackluster performance seen over the past few sessions, stocks continue to show a lack of direction in morning trading on Tuesday. The major averages have spent the morning bouncing back and forth across the unchanged line.
Currently, the major averages are turning in a mixed performance. While the Dow is up 11.48 points or 0.1 percent at 20,924.94, the Nasdaq is down 4.76 points or 0.1 percent at 6,086.84 and the S&P 500 is down 0.88 points or less than a tenth of a percent at 2,387.45.
The choppy trading on Wall Street comes as the Federal Reserve kicks off its two-day monetary policy meeting.
The Fed is widely expected to leave interest rates unchanged, but traders will pay close attention to the accompanying statement for clues about future rate hikes.
The looming monthly jobs report and French presidential runoff may also be keeping traders on the sidelines on the day.
Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.
Airline stocks have shown a strong move to the upside, however, with the NYSE Arca Airline Index climbing by 1.7 percent. Delta (DAL) and United Continental (UAL) are posting notable gains.
On the other hand, semiconductor stocks have come under pressure, dragging the Philadelphia Semiconductor Index down by 1.1 percent.
Shares of Advanced Micro Devices (AMD) have fallen sharply despite the chipmaker reporting quarterly results that matched analyst estimates.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Tuesday. Japan’s Nikkei 225 Index advanced by 0.7 percent, while China’s Shanghai Composite Index fell by 0.4 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the German DAX Index has risen by 0.3 percent, the French CAC 40 Index and the U.K.’s FTSE 100 Index are up by 0.5 percent and 0.6 percent, respectively.
In the bond market, treasuries have moved…